Longboard Asset Management LP Acquires New Stake in NewMarket Corporation $NEU

Key Points

• Longboard Asset Management LP has acquired a new stake in NewMarket Corporation worth approximately $269,000, purchasing 389 shares during the second quarter.
• NewMarket Corporation recently reported earnings per share (EPS) of $11.84 for the quarter, with a net margin of 17.28% and revenue of $698.51 million.
• The company has declared a quarterly dividend of $2.75, to be paid on October 1st, translating to an annualized dividend yield of 1.3%.

Longboard Asset Management LP bought a new stake in NewMarket Corporation (NYSE:NEU - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 389 shares of the specialty chemicals company's stock, valued at approximately $269,000.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC raised its position in NewMarket by 54,160.0% in the first quarter. GAMMA Investing LLC now owns 103,094 shares of the specialty chemicals company's stock worth $58,398,000 after purchasing an additional 102,904 shares in the last quarter. Impala Asset Management LLC acquired a new position in NewMarket in the first quarter worth about $36,819,000. American Century Companies Inc. raised its position in NewMarket by 120.3% in the first quarter. American Century Companies Inc. now owns 105,120 shares of the specialty chemicals company's stock worth $59,545,000 after purchasing an additional 57,403 shares in the last quarter. Brandywine Global Investment Management LLC acquired a new position in NewMarket in the first quarter worth about $19,348,000. Finally, Jones Financial Companies Lllp raised its position in NewMarket by 70,700.0% in the first quarter. Jones Financial Companies Lllp now owns 15,576 shares of the specialty chemicals company's stock worth $8,823,000 after purchasing an additional 15,554 shares in the last quarter. Institutional investors own 61.09% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of NewMarket from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th.

NewMarket Price Performance

Shares of NewMarket stock traded down $12.29 during midday trading on Friday, reaching $814.91. The company had a trading volume of 209,015 shares, compared to its average volume of 89,636. The company has a current ratio of 2.66, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 16.15 and a beta of 0.49. The stock has a fifty day simple moving average of $770.89 and a 200 day simple moving average of $667.65. NewMarket Corporation has a 1-year low of $480.00 and a 1-year high of $854.75.

NewMarket (NYSE:NEU - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $11.84 earnings per share (EPS) for the quarter. NewMarket had a net margin of 17.28% and a return on equity of 32.25%. The firm had revenue of $698.51 million for the quarter.

NewMarket Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $2.75 per share. This represents a $11.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, September 15th. NewMarket's dividend payout ratio (DPR) is currently 21.80%.

NewMarket Profile

NewMarket Corporation, through its subsidiaries, primarily engages in the manufacture and sale of petroleum additives. The company offers lubricant additives for use in various vehicle and industrial applications, including engine oils, transmission fluids, off-road powertrain and hydraulic systems, gear oils, hydraulic oils, turbine oils, and other applications where metal-to-metal moving parts are utilized; engine oil additives designed for passenger cars, motorcycles, on and off-road heavy duty commercial equipment, locomotives, and engines in ocean-going vessels; driveline additives designed for products, such as transmission fluids, axle fluids, and off-road powertrain fluids; and industrial additives designed for products for industrial applications consisting of hydraulic fluids, grease, industrial gear fluids, and industrial specialty applications, such as turbine oils.